From the following information taken from the records of Lucena Company, prepare adjusting entries as

of Dec. 31, 2017, the end of the 1-year accounting period:

1. Commissions earned but not yet received in 2017 – 25,000

2. A 12%, 30-day note was received on Dec. 1, 2017, 60,000
3. Electric expense for December, 2017 is not yet paid
4. An 18%, 60-day note was issued on Dec. 13, 2017, 30,000.
5. Out of 24,000 insurance expense as of year-end, the prepaid portion is 6,000
6. Out of 40,000 rent income balance as of year-end, the unearned portion is 25,000
7. Cost of building is 3,000,000 with no scrap value, estimated life is 30 years.
8. Cost of car is 630,000 with scrap value of 30,000, estimated life is 10 years.